How to Get Your Oklahoma Real Estate License
Launching your real estate career in Oklahoma might seem daunting initially, but by following the right steps, you’ll find the journey both achievable and rewarding. This comprehensive guide is crafted to walk you through every essential stage, making sure you’re fully prepared to begin your journey as a licensed real estate agent in the Sooner State. Let’s explore the process that will pave the way for your success in Oklahoma’s real estate market.
We'll walk you through 6 easy steps
Understand the Basic Requirements
Before we dive into the detailed process, it’s important to grasp the fundamental requirements for earning a real estate license in Oklahoma. Here’s what you need to know:
Age Requirement
To be eligible for a real estate license in Oklahoma, you must be at least 18 years old. This age requirement ensures that applicants have reached the level of maturity and legal responsibility necessary for the profession.
Residency and Identification
While you don’t need to be an Oklahoma resident to apply for a real estate license, you must have a valid Social Security number. This is essential for background checks and compliance with state regulations. Non-residents are held to the same standards as Oklahoma residents.
Honesty and Integrity
In the real estate field, ethical behavior is vital. The Oklahoma Real Estate Commission will perform a thorough background check on all applicants. Any criminal history could result in the denial of your license application. However, being transparent about any past legal issues and demonstrating rehabilitation efforts can improve your chances of approval.
Step 1: Take a Real Estate Pre-Licensing Course
In Oklahoma, prospective real estate agents must complete 90 hours of pre-licensing education. This course is designed to cover the essential topics needed to thoroughly prepare you for the licensing exam and your future career in real estate.
Course Breakdown (90 hours)
The Oklahoma pre-licensing course includes in-depth instruction on various critical areas of real estate. This includes a focus on Real Estate Principles and Practices, Oklahoma Real Estate, Real Estate Finance, and other topics, providing you with the comprehensive knowledge needed for success in the profession.
Real Estate Principles and Practices
This portion of the course covers the foundational principles of real estate, including property rights, contracts, and land use. The course ensures you understand the role of a real estate agent and the dynamics of the Oklahoma real estate market.
Oklahoma Real Estate
The course dives into Oklahoma-specific real estate laws, emphasizing the regulations that govern real estate transactions in the state. Topics include the Oklahoma Real Estate License Code and Rules, as well as federal laws like the Fair Housing Act.
Real Estate Finance
This segment of the course covers the basics of real estate finance, including mortgages, loan processing, and financial instruments used in real estate transactions. Understanding these concepts is crucial for guiding clients through the financial aspects of buying and selling property.
Additional Topics
The curriculum also includes other relevant topics such as real estate appraisal, closing procedures, and professional ethics, all tailored to meet Oklahoma’s requirements.
Choosing the Right Real Estate School
Selecting the right real estate school is crucial. Look for accredited schools that offer flexibility, especially if you have a busy schedule. Online courses can provide the convenience of studying at your own pace.
Research and Reviews:
Start by researching various real estate schools and reading reviews from past students. Look for schools with high pass rates for the real estate exam and positive feedback on their teaching methods.
Online vs. In-Person:
Decide whether you prefer online or in-person classes. Online courses offer flexibility and convenience, allowing you to study at your own pace. In-person classes provide direct interaction with instructors and peers, which can enhance your learning experience.
Course Materials and Support:
Evaluate the course materials and support services provided by the school. High-quality textbooks, interactive lessons, and access to instructors for questions can significantly impact your success. Some schools also offer additional resources like exam prep courses and study groups.
Study Tips
Daily Study Schedule:
Create a daily study schedule that covers all exam topics, ensuring regular review sessions. (Asana provides a great FREE task manager)
Flashcards:
Utilize flashcards for key terms and concepts to enhance memorization. (These Quizlet Flashcards may be helpful)
Practice Tests:
Regularly take practice tests to gauge your understanding and get familiar with the exam format. (Free Oklahoma Real Estate Practice Exam)
Step 2: Submit Your Oklahoma Real Estate License Application
After completing your pre-licensing education, the next important step is to submit your license application to the Oklahoma Real Estate Commission.
Steps to Submit Your Application
Complete the Application Form: Access and fill out the application form on the Oklahoma Real Estate Commission’s (OREC) website. Make sure all required fields are accurately completed.
Gather Required Documents: Collect necessary documents such as proof of your completed pre-licensing education, valid identification, and any additional forms required by OREC.
Submit Your Application: Submit your completed application and all required documents electronically through OREC’s online portal.
Pay the Application Fee: During the submission process, be sure to pay the required application fee, which is approximately $35 for the Sales Associate license.
Application Processing Time
The Oklahoma Real Estate Commission generally takes several weeks to process applications. During this period, they will review your educational credentials and verify that all requirements have been satisfied. To avoid any delays, double-check your application for accuracy before submission.
Tracking Your Application
You can monitor the status of your application online via the OREC website. Regularly checking your status will keep you updated on any additional steps or issues that may arise. If delays occur, contacting the Commission directly can help resolve any concerns.
Step 3: Pass the Oklahoma Real Estate Exam
The Oklahoma Real Estate Exam is a comprehensive test that lasts 3 hours and consists of 120 multiple-choice questions. To pass, you need to achieve a score of at least 70%. If you do not pass on your first attempt, you will need to submit a new application and pay the exam fee of $61 for each attempt.
Salesperson Examination Content
Real Estate Principles and Practices
- Property Ownership: 8%
- Land Use Controls and Regulations: 5%
- General Principles of Agency: 13%
- Property Disclosure: 6%
- Leasing and Property Management: 3%
- Practice of Real Estate: 13%
Real Estate Transactions and Calculations
- Valuation and Market Analysis: 7%
- Financing: 10%
- Contracts: 17%
- Transfer of Title: 8%
- Real Estate Calculations: 10%
State Portion
- Laws and Rules Affecting Oklahoma Real Estate Practice
- Oklahoma Broker Relationships Act
- Property Management
- Disclosures and Hazards
Preparation Tips
Review Course Materials:
Go over the textbooks and notes from your pre-license courses. Revisiting these materials can reinforce your understanding of key concepts. Focus on areas where you feel less confident to ensure a well-rounded preparation.
Practice Exams:
Take as many practice exams as possible. This helps you get familiar with the exam format and identify areas where you need more study. Practice exams can also help you manage your time effectively during the actual test. (Free Real Estate Practice Exam)
Study Groups:
Join or form study groups. Discussing topics with peers can enhance understanding and retention. Study groups provide a platform to share knowledge, ask questions, and support each other.
Exam Prep Courses:
Consider enrolling in an exam prep course for additional support and structured study. These courses often include practice exams, study guides, and expert instruction. Investing in a prep course can increase your chances of passing the exam on the first attempt.
Exam Day Tips
Arrive Early:
Ensure you arrive at the exam center early to avoid any last-minute stress. Arriving early gives you time to settle in and focus before the exam begins. Check the location and travel time in advance to plan your journey.
Bring Required Identification:
You’ll need a valid photo ID to enter the exam. Make sure your ID is current and matches the name on your application. Having all necessary documents ready can prevent any issues at the exam center.
Stay Calm and Focused:
Read each question carefully and manage your time wisely. Staying calm and composed can help you think clearly and avoid mistakes. Take deep breaths and stay positive throughout the exam.
Exam Room Etiquette:
Follow all instructions given by the exam proctors. Adhering to the rules ensures a smooth and fair testing experience for everyone. If you have any questions or issues, ask the proctors for assistance.
Step 4: Complete the Fingerprinting Requirement
After you pass the real estate exam, the next step is to complete the fingerprinting requirement as part of the mandatory criminal background check. This process is crucial to ensure you meet the integrity and honesty standards set by the Oklahoma Real Estate Commission.
How to Get Fingerprinted
Before scheduling your fingerprinting appointment, ensure you’ve received an email from OREC confirming that your application has been received and that you’re eligible for the background check.
Once confirmed, schedule your fingerprinting appointment through any state-approved fingerprinting service provider. This may include authorized locations such as some UPS stores. It’s crucial to verify that the provider is recognized by OREC to avoid any processing issues.
Attend your fingerprinting appointment at the selected location. Be sure to bring the required identification and confirmation documents as specified by the service provider.
The fingerprinting process involves a fee, which is typically paid at the time of your appointment. Ensure you check the accepted payment methods and the exact fee with your chosen provider.
The Oklahoma Real Estate Commission (OREC) will conduct a background check using your fingerprints to verify that you meet the required ethical standards. This process is crucial in ensuring that all applicants adhere to the integrity and honesty expectations set by OREC. If any concerns are identified during this background check, you may need to provide additional documentation or take specific actions to resolve these issues before your license can be issued.
Addressing Background Check Issues
If any issues are flagged during your background check, you may need to provide additional documentation or explanations. Being transparent about any past legal matters and supplying thorough documentation can help resolve concerns. If you have any doubts, consulting with legal counsel can provide guidance on navigating the process.
Step 5: Submit the Salesperson License Application
After completing the exam and fingerprinting requirements, the next crucial step is to submit your Sales Associate License Application to the Oklahoma Real Estate Commission (OREC) to confirm your eligibility.
Application Checklist
Complete Oklahoma Application Form
Fill out the Sales Associate License Application form available on the OREC website. Ensure that all sections are accurately completed. The form can be accessed and submitted online through the OREC portal.
Attach Exam Results:
Include proof that you passed the Oklahoma real estate exam. This documentation is necessary for OREC to verify your eligibility. Be sure to keep a copy of your exam results for your records.
Include Fingerprinting Proof:
Attach your fingerprinting receipt as proof that you have completed the fingerprinting requirement. Ensure all necessary signatures and information are correctly provided as required by OREC.
Pay the License Fee:
As of 2024, the fee for the Sales Associate License in Oklahoma is approximately $35. This fee must be submitted along with your application. Keep a copy of your payment receipt for future reference.
After submitting your application, you can track its status online through the OREC website. Regularly checking your status will keep you informed about the progress of your application and any additional requirements that may arise. If there are delays or issues, contacting OREC directly can provide clarity and potentially expedite the process.
Step 6: Find a Real Estate Broker to Sponsor You
Once you pass the exam, you need to find a sponsoring broker to activate your license. Look for a brokerage that aligns with your goals and offers the support you need.
Considerations
Find a supportive and collaborative environment. The right culture can significantly impact your job satisfaction and success.
Understand the financial arrangements. Different brokerages offer different commission splits, so choose one that suits your financial goals.
Choose a broker who provides ample training and mentorship opportunities. Early career support is crucial for your development and success.
Questions to Ask Potential Brokers
17 Brokerage Interview Questions
- What training programs do you offer for new agents?
- How does your commission split work, and are there any additional fees?
- What kind of support and resources will I have access to?
- Can you provide references from other agents in your brokerage?
Choosing the right broker is crucial as it impacts your early career significantly. Consider top-rated brokers like eXp Realty, Keller Williams, Coldwell Banker, and Compass.
Why Join Smart Agent Alliance at eXp Realty?
When you join Smart Agent Alliance, you get double the value because you’re also automatically a Wolf Pack member. Together, Smart Agent Alliance and the Wolf Pack provide the tools, support, and expertise to elevate your business to new heights.
Smart Agent Alliance Benefits:
At Smart Agent Alliance, we prioritize organization, clarity, and efficiency to help our agents succeed. We provide essential onboarding resources, customizable presentations, business automations, client checklists, business assets, social media content, YouTube support, a growth plan, quality lead generation, production know-how, website support, and top-notch organizational tools.
Wolf Pack Benefits:
The Wolf Pack team at eXp Realty offers expert-led courses like Social Agent Academy 3.0, the Wolf Pack Hub, and the Investor Army for property flipping. We provide tailored assistance for new agents, developing agents, top producers, team leaders, and broker owners. Key resources include lead generation, production know-how, social media content, and YouTube support.
eXp Realty Benefits:
eXp Realty offers a comprehensive range of benefits for agents, focusing on top pay structures, low fees, and free stock options. Agents get an 80/20 commission splits that cap at $16,000 annually, with opportunities to earn 100% commission, receive annual stock awards and gain income through Revenue Share. Additional resources include 24/7 agent support, affordable healthcare, live training, and advanced tech tools like kvCORE and customizable IDX websites.
Financial Planning
Embarking on a real estate career involves some initial expenses and careful financial planning. Understanding these costs will help you manage your finances effectively as you begin your new career.
All stated fees are subject to change.
Starting Costs
- Initial Expenses: These include various costs associated with getting licensed, marketing, and setting up your business. Some examples of initial expenses in Oklahoma include:
- Pre-Licensing Course: $300 to $700
- Exam Fee: $75 per attempt
- Application Fee: $35
- Fingerprinting Fee: Approximately $50
- Marketing Materials: Costs for business cards, signage, and online advertising
When you join a brokerage in Oklahoma, many will require you to become a member of the National, State, and Local Associations of Realtors. Additionally, you’ll need to pay fees for the Multiple Listing Service (MLS) and Supra Key services.
National Association of Realtors (NAR):
- Membership Fees: For 2024, the NAR annual dues are $156, plus a $45 special assessment fee for the Consumer Advertising Campaign, bringing the total to $201 per year.
Oklahoma Association of Realtors (State Association):
- Membership Fees: The annual dues for the Oklahoma Association of Realtors in 2024 are approximately $160. This fee is in addition to the NAR dues.
Local Association of Realtors:
- Membership Fees: Local association fees in Oklahoma vary depending on the specific association. For example:
- Oklahoma City Metro Association of Realtors: The annual dues are approximately $600, plus a $300 application fee.
- Tulsa Association of Realtors: The fees are generally around $750, plus a $200 join fee.
Multiple Listing Service (MLS):
- Fees: MLS fees in Oklahoma also vary by region. For example:
- MIBOR MLS: Fees are approximately $480 annually.
- IRMLS (Oklahoma Regional MLS): The fees typically range from $150 to $175 quarterly.
Supra Key Fees:
- Fees: Supra Key services in Oklahoma typically include an initial setup fee of about $50 and a monthly service fee ranging from $20 to $25.
Budgeting Tips
- Create a Budget: Track your expenses and forecast your income. Plan for slower months to ensure financial stability.
- Emergency Fund: Set aside an emergency fund to cover unexpected expenses or slow periods in the market
Income Management
- Commission Structure: Real estate agents typically earn commissions from sales. Understand how your brokerage’s commission structure works and how to manage irregular income streams. Commission splits can vary widely, typically ranging from 50/50 to 70/30 or higher, depending on the brokerage.
- Tax Planning: As an independent contractor, it’s important to plan for taxes. Keep track of deductible expenses, make estimated tax payments, and maintain good record-keeping practices. Consulting with a tax professional can help ensure compliance and optimize your tax strategy.
Frequently Asked Questions
What are the requirements to get an Oklahoma real estate license?
1. Age and Education: You must be at least 18 years old and have a high school diploma or GED.
2. Complete Pre-Licensing Education: You are required to complete a 90-hour pre-licensing course approved by the Oklahoma Real Estate Commission (OREC).
3. Pass the Real Estate Exam: After completing the pre-licensing education, you must pass the Oklahoma real estate exam.
4. Submit Fingerprints for a Background Check: You need to submit your fingerprints to a state-approved provider for a criminal background check.
5. Submit the License Application: Finally, submit your Sales Associate License Application to OREC along with the required fees and proof of completed requirements.
These steps ensure you are fully qualified to practice real estate in Oklahoma.
How much does it cost to get a real estate license in Oklahoma?
The cost to get a real estate license in Oklahoma includes several key expenses:
1. Pre-Licensing Course: $300 to $700, depending on the provider.
2. Exam Fee: Approximately $60 per attempt.
3. Fingerprinting Fee: Typically around $50 for the background check.
4. License Application Fee: $35.
5. Additional Costs: You may also need to consider the cost of joining the National, State, and Local Realtor Associations, as well as fees for the Multiple Listing Service (MLS) and Supra Key services, which can vary depending on the region.
Overall, the total cost can range from $445 to $845 or more, depending on your specific circumstances and choices.
How long does it take to get a real estate license in Oklahoma?
The time it takes to get a real estate license in Oklahoma varies based on individual circumstances, but here’s a general timeline:
1. Pre-Licensing Education: Completing the required 90-hour pre-licensing course can take anywhere from 2 to 6 weeks, depending on your schedule and the pace at which you study.
2. Exam Scheduling and Preparation: After completing the course, scheduling and preparing for the exam may take an additional 1 to 3 weeks.
3. Fingerprinting and Background Check: This process usually takes about 1 to 2 weeks.
4. Application Submission and Processing: Once all the requirements are met, submitting your application and having it processed by the Oklahoma Real Estate Commission can take several weeks.
Overall, you can expect the process to take between 2 to 4 months from start to finish, depending on how quickly you complete each step.
What is the pass rate for the Oklahoma real estate exam?
The pass rate for the Oklahoma real estate exam is approximately 65% for first-time takers. This means that out of all candidates who take the exam, about 65% successfully pass on their first attempt. It’s important to note that this pass rate can fluctuate annually based on factors such as exam difficulty, content changes, and the level of preparation by candidates.
What happens if I fail the Oklahoma real estate exam?
If you fail the Oklahoma real estate exam, you can retake it as many times as needed. Each retake requires paying the $60 exam fee. After failing, you’ll receive a score report highlighting your strengths and weaknesses to help you prepare for your next attempt. Your application is valid for one year, so you must pass within that timeframe before needing to reapply.
How do I renew my Oklahoma real estate license?
To renew your Oklahoma real estate license, follow these steps:
1. Complete Continuing Education: You must complete 21 hours of continuing education (CE) every three years, including required topics such as ethics, fair housing, and contracts.
2. Submit the Renewal Application: Access the Oklahoma Real Estate Commission (OREC) website and fill out the renewal application form.
3. Pay the Renewal Fee: Pay the applicable renewal fee online when submitting your application. Fees vary depending on your license type.
4. Submit Before Expiration: Ensure your renewal is submitted before your license expires to avoid late fees or license suspension.
Regularly monitor OREC’s guidelines to ensure you meet all current requirements.